Business Plan For The New Business - 1864 Words

Business plans are used to outline the details of a new business. This is then used as a tool to attract potential investors to help out with the startup of the company (Ramsey 182). Additionally, it helps those who are starting up a business examine what it will actually take for the new business to be successful (Ramsey 183). However, business plans are not solely reserved for those who are starting a new business; some businesses create business plans to show how they will improve or restructure their business through strategic planning (Ramsey 182). There are many different topics and details that should be included in a business plan. Some main topics include a market analysis, which includes the identification of likely customers, competitors, and why it will sell to a particular market; a marketing/ advertising plan, which includes the cost of marketing, how clients will be reached, and the strategies for persuading target markets; a financial plan, which includes all major financial factors such as proposed revenue and the amount of customers expected; a management/ organizational plan, such as the organization of the business; and an implementation plan, which includes information about the facilities and materials necessary for production (Ramsey 185-187). In 2008, General Motors (GM) created a business plan to detail out how they would restructure their company. The United States faced a huge economic downturn during this year, causing GM to experience aShow MoreRelatedA Business Plan For A New Business1712 Words   |  7 Pages During the last few years while working as a machinist, Bruce realized he did not want to punch a clock the rest of his life. He was always searching for a business opportunity where he could set his own hours, create his own success, and be his own boss. While thinking of ideas for a startup business, he began thinking of his past employment history. Spending most of his youth working on local dairy farms, he saw firsthand the damage pests can do to the dairy herd and effect the productionRead MoreBusiness Plan For A New Business Program1334 Words   |  6 PagesWhenever a new business program is created, it explicitly employs a business model that is suitable for that particular business, which d escribes the design, the delivery and the mechanism it employs to achieve success. 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